Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:


	December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	178,518	$	—	$	—	$	178,518
Total cash equivalents	$	178,518	$	—	$	—	$	178,518

Short-term investments:
Commercial paper	$	134,165	$	—	$	(47)	$	134,118
Corporate bonds	27,169		—		(41)		27,128
Asset backed securities	27,464		—		(53)		27,411
Certificates of deposit	10,000		—		(8)		9,992
Supranational bonds	8,632		—		(33)		8,599
U.S. Treasury and agency obligations	27,168		—		(124)		27,044
Total short-term investments	$	234,598	$	—	$	(306)	$	234,292


	December 31, 2020
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	44,153	$	—	$	—	$	44,153
Commercial paper	4,500		—		—		4,500
Total cash equivalents	$	48,653	$	—	$	—	$	48,653

Short-term investments:
Commercial paper	$	71,425	$	—	$	—	$	71,425
Corporate bonds	4,502		3		—		4,505
U.S. Treasury and agency obligations	37,686		7		—		37,693
Total short-term investments	$	113,613	$	10	$	—	$	113,623

Gross unrealized losses were not material at December 31, 2021. We considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-

likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. Based on our assessment, we do not believe any unrealized losses represent credit losses at December 31, 2021.

The contractual maturities of our short-term investments are as follows:


	December 31, 2021				December 31, 2020
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	195,579	$	195,453	$	113,613	$	113,623
Due between one and four years	39,019		38,839		—		—
Total short-term investments	$	234,598	$	234,292	$	113,613	$	113,623